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Personal accounts boosting GPP interest

Richard Jacobs Pension and Trustee Services director Richard Jacobs says he has seen a significant rise in enquiries about group personal pension schemes, driven by increasing awareness of personal accounts.

Several not-for-profit organisations have approached him, asking what they should do with their pension arrangements ahead of the introduction of personal accounts in 2012.

He is issuing a mailshot to 1,000 local firms to bring in more interest.

Jacobs says around half of enquiries have been driven by increased awareness of personal accounts and the other half by employers wanting to better provide for their staff.

He says: “It is to do with seeing green shoots in the economy. Employers may have made some people redundant but are now wanting to keep their remaining employees. Benevolence is coming back in. The other half of them are coming in as a result of personal accounts.

“They tend to be smaller companies so the problem is finding an insurer that will take on the scheme on. Most insurers are just not interested.”

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